• FxWirePro: NZD/USD trade idea

    Source: FxWire Pro - Technicals / 19 Jun 2018 04:27:07   America/New_York

    FxWirePro Currency Strength Index for NZD/USD: Bias Bearish
    FxWirePro's Hourly NZD Spot Index was at -169.568 (Bearish)
    FxWirePro's Hourly USD Spot Index was at 150.763 (Bullish)

    Technical Analysis: Bias Bearish
    - Price extends weakness after rejection at 55-EMA, breaks below 20-DMA
    - 5-DMA sharply lower, caps upside. 
    -  Stochs have rolled over from overbought levels, momentum with the bears.
    - RSI has slipped below 50, bias lower, -ve DMI dominance on daily charts
    - MACD shows bearish crossover on signal line, ADX above 25 and rising

    Support levels - 0.6882 (May 30 low), 0.6865 (major trendline support), 0.6851 (May 16 low)
    Resistance levels - 0.6957 (5-DMA), 0.6976 (20-DMA), 0.70

    Recommendation: Good to go short on upticks around 0.6905/15, SL: 0.6955, TP: 0.6865/ 0.6850/ 0.6825
     

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